A local investment group acquired the property in 2010, and subsequently re-purposed the property for multi-tenant use. Our valuation experience with this property dates to the acquisition in 2010, which required a fee simple analysis of what was essentially an empty office tower. In 2012, a local lender engaged The McEnery Company to provide a new appraisal of a Leased Fee interest present in what, at the time, was a 51% occupied facility with a significant current and forecasted stabilized EBITDA. Both valuations required segregation and analysis of an attached 319 space parking garage, as well as a small historic shell annex to the primary property. This acquisition and re-positioning was one of the more notable commercial real estate deals in the New Orleans market in 2010.
